Lotus Announces Closing of Previously Announced Transactions
Lotus Ventures Inc. (CSE: J) has closed a previously announced transaction with 5008679 Ontario , as part of its proposal to creditors. The company has issued 1,000 common shares to the purchaser for a total of $2,538,398.00. All previously issued securities have been cancelled without consideration. The purchaser is now the sole securityholder of Lotus. The company is expected to be delisted from the CSE on August 20, 2024, and concurrently from OTC Markets. Lotus plans to seek revocation of the failure-to-file cease trade order issued on April 4, 2024, and to cease being a reporting issuer in Alberta, British Columbia, and Ontario.
Lotus Ventures Inc. (CSE: J) ha completato una transazione precedentemente annunciata con 5008679 Ontario, come parte della sua proposta ai creditori. La società ha emesso 1.000 azioni ordinarie al compratore per un totale di $2.538.398,00. Tutti i titoli precedentemente emessi sono stati annullati senza considerazione. Il compratore è ora il singolo detentore di titoli di Lotus. Si prevede che la società venga esclusa dalla CSE il 20 agosto 2024, e contemporaneamente dai mercati OTC. Lotus prevede di richiedere la revoca della order di cessazione per mancata presentazione emessa il 4 aprile 2024, e di cessare di essere un emittente riportante in Alberta, British Columbia e Ontario.
Lotus Ventures Inc. (CSE: J) ha cerrado una transacción previamente anunciada con 5008679 Ontario, como parte de su propuesta a los acreedores. La empresa ha emitido 1,000 acciones ordinarias al comprador por un total de $2,538,398.00. Todos los valores emitidos anteriormente han sido cancelados sin consideración. El comprador es ahora el único tenedor de valores de Lotus. Se espera que la empresa sea excluida de la CSE el 20 de agosto de 2024, y simultáneamente de OTC Markets. Lotus planea solicitar la revocación de la orden de cesación por falta de presentación emitida el 4 de abril de 2024, y dejar de ser un emisor que reporta en Alberta, Columbia Británica y Ontario.
로터스 벤처스 주식회사 (CSE: J)는 5008679 온타리오와의 이전에 발표된 거래를 종료했습니다, 이는 채권자에 대한 제안의 일환입니다. 회사는 구매자에게 1,000주 보통주를 발행했습니다, 총 $2,538,398.00입니다. 이전에 발행된 모든 증권은 대가 없이 취소되었습니다. 구매자는 이제 로터스의 단독 증권 보유자입니다. 회사는 2024년 8월 20일에 CSE에서 상장 폐지될 것으로 예상됩니다, 그리고 동시에 OTC 마켓에서도 상장 폐지됩니다. 로터스는 2024년 4월 4일에 발행된 미제출 거래 중지 명령의 철회를 요청할 계획입니다, 그리고 알버타, 브리티시컬럼비아 및 온타리오에서 보고하는 발행인이 되는 것을 중단할 것입니다.
Lotus Ventures Inc. (CSE: J) a conclu une transaction précédemment annoncée avec 5008679 Ontario, dans le cadre de sa proposition aux créanciers. La société a émis 1 000 actions ordinaires au acheteur pour un total de 2 538 398,00 $. Tous les titres émis précédemment ont été annulés sans contrepartie. L'acheteur est maintenant le seul détenteur de titres de Lotus. On s'attend à ce que la société soit radiée de la CSE le 20 août 2024, et simultanément des marchés OTC. Lotus prévoit de demander l'annulation de l'ordre d'interdiction de négociation pour non-dépôt émis le 4 avril 2024, et de cesser d'être un émetteur déclarant en Alberta, en Colombie-Britannique et en Ontario.
Lotus Ventures Inc. (CSE: J) hat eine zuvor angekündigte Transaktion abgeschlossen mit 5008679 Ontario, als Teil ihres Vorschlags an die Gläubiger. Das Unternehmen hat 1.000 Stammaktien an den Käufer für insgesamt $2.538.398,00 ausgegeben. Alle zuvor ausgegebenen Wertpapiere wurden ohne Gegenleistung storniert. Der Käufer ist nun der einzige Wertpapierinhaber von Lotus. Es wird erwartet, dass das Unternehmen am 20. August 2024 von der CSE gestrichen wird und gleichzeitig auch von den OTC-Märkten. Lotus plant, die Aufhebung der Handelsbeschränkung aufgrund der Nichtübermittlung, die am 4. April 2024 erlassen wurde, zu beantragen und aufzuhören, ein berichtendes Unternehmen in Alberta, British Columbia und Ontario zu sein.
- Transaction closed, resolving creditor issues
- Received $2,538,398.00 from share issuance
- Delisting from CSE and OTC Markets
- Cancellation of all previously issued securities
- Company now has only one securityholder
- Ceasing to be a reporting issuer in multiple provinces
Vancouver, British Columbia--(Newsfile Corp. - August 19, 2024) - Lotus Ventures Inc. (CSE: J) ("Lotus" or the "Company") announces today that it has closed the previously announced transaction (the "Transaction") contemplated by the Company's proposal to its creditors, as amended (the "Proposal"), and the Company's subscription agreement dated May 3, 2024 with 5008679 Ontario Limited (the Purchaser"), as amended and restated on June 4, 2024 and further amended on July 15, 2024 (the "Agreement"). The Transaction was completed in accordance with the terms of the Agreement and the provisions of a reverse-vesting order granted by the Supreme Court of British Columbia In Bankruptcy and Insolvency on June 14, 2024 (the "RVO").
As part of the completion of the Transaction, the Company has issued to the Purchaser 1,000 common shares of the Company (the "Subscribed Shares") for an aggregate, all-inclusive purchase price of
Lotus is expected to be delisted from the CSE effective at the close of trading on August 20, 2024, and is expected to be concurrently delisted from the OTC Markets. Lotus also expects to make an application to seek full revocation of the failure-to-file cease trade order issued on April 4, 2024, and to cease to be a reporting issuer in each of Alberta, British Columbia, and Ontario.
Further information regarding the Proposal and the Agreement, including copies thereof, can be accessed through the website hosted by MNP Ltd., in its capacity of proposal trustee of Lotus in the Proposal proceedings, at: Lotus Ventures Inc | MNP LTD (mnpdebt.ca).
This disclosure is also issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids, which requires an early warning report to be filed containing additional information with respect to the foregoing matters. A copy of the early warning report will be made available on SEDAR+ under Lotus' profile at www.sedarplus.ca. To obtain a copy of the early warning report, or further information, please contact Albert Duwyn, President of Lotus, at 416-460-7058.
About Lotus Ventures Inc.
Lotus Ventures Inc. is a BC based licensed cannabis producer. Lotus grows premium cannabis which is carried in retail locations across BC and Ontario.
Forward-Looking Information:
This document includes certain statements that are not descriptions of historical facts but are forward-looking statements. Such statements include, among others, those concerning the delisting of Lotus from the CSE and OTC Markets and the timing thereof, receipt of a revocation order relating to the applicable cease trade order of Lotus, Lotus ceasing to be a reporting issuer in Alberta, BC and Ontario, our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for medical and recreational cannabis products, our expectations regarding the continued growth of the medical and recreational cannabis market, as well as all assumptions, expectations, predictions, intentions, or beliefs about future events. Users are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties have not been documented or mentioned in this document nor other communications made by the company. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220483
FAQ
What is the outcome of Lotus Ventures Inc.'s (LTTSF) transaction with 5008679 Ontario ?
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